A.M. Best Upgrades Ratings of ACE European Group Limited.OLDWICK, N.J. -- A.M. Best Co. has upgraded the financial strength rating to A+ (Superior) from A (Excellent) and the issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) to "aa-" from "a+" on ACE European Group Limited (AEGL AEGL Acute Exposure Guideline Level ) (United Kingdom). The outlook for both ratings is stable. The rating upgrades reflect A.M. Best's expectation that AEGL will maintain strong stand-alone risk-adjusted capitalisation between 2006 and 2008. In addition, the upgrades reflect the importance of AEGL to the ACE Group (Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. ). A.M. Best believes that financial support is likely to be available in the future from AEGL's ultimate parent, ACE Limited (Cayman Islands) should the need ariseCoin 2004 there were two capital injections for a total of GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 56.2 million. Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. support is also provided, with over 25% of gross written premiums in 2006 likely to be ceded to ACE affiliates. AEGL is ACE Limited's principal underwriting operation in the European market with approximately GBP 2 billion (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 3.74 billion) gross written premium anticipated in 2006, which represents over 22% of the group's overall anticipated gross premiums. A.M. Best believes that AEGL is likely to achieve a good profit before tax in 2006, although significantly less than the very strong earnings of GBP 242 million (USD 453 million) achieved in 2005, which exceeded A.M. Best's expectations. In 2007, A.M. Best believes a solid combined ratio in the mid-90s is likely to be achieved. This anticipated decline in underwriting performance reflects softening market conditions in the company's main classes. In A.M. Best's opinion, AEGL has a robust market profile in the United Kingdom and across continental Europe Continental Europe, also referred to as mainland Europe or simply the Continent, is the continent of Europe, explicitly excluding European islands and, at times, peninsulas. . The account is well diversified, with business written across three main divisionsCoACE Europe, ACE Global Markets and ACE Tempest Re EuropeCoand continues to benefit from the transfer of business from Lloyd's Syndicate 2488, managed by ACE Underwriting Agencies Limited. AEGL's expansion into emerging markets is also enhanced by its common branding with Ace Limited. For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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